- Located at 33 Magpie Hollow Road in South Bowenfels, Lithgow
- Deal worth $8.4 million
- Land size is 33.12 hectares
A Lithgow land parcel was recently sold to Maas Group Holdings (ASX: MGH) for $8.4 million. Sold by a private family, who were long time owners of the property, the deal was noted as a vote of confidence for regional NSW.
“The participation of developers with ASX credentials in regional markets like Lithgow is a fantastic endorsement of its future prospects,” said Mark Litwin, from Knight Frank.
Mr Litwin also said the sale represented the first time a listed entity had entered the Lithgow market for residential development, and the field of buyers was sizeable.
“We had significant interest from buyers during the campaign looking to deploy capital into shovel-ready deals in established markets,” Mr Litwin said, adding that “Diversified developers [such as MGH] can drive their own advantage and leverage their position to reap the benefits of a pioneering acquisition such as this.”
Located at 33 Magpie Hollow Road in South Bowenfels, the 33.12-hectare parcel of land is set on the western outskirts of Lithgow.
The deal stands to gain the buyer healthy returns, as the industry saw accelerated moves to the regions due to Covid. The Property Tribune reported that over 2020-21, there was a 7% increase in regional migration away from capital cities.
The land purchased is also well positioned to benefit from upcoming civil works, Grant Bulpett, also of Knight Frank, noted the purchase was strategic given the recently announced investigation into an 11-kilometre Blue Mountains tunnel.
“I can only see benefits by increasing connections from the Central West to Sydney Metro, be it for trade or personal travel,” said My Bulpett.